A fixed-rate mortgage has a consistent interest rate and monthly payment over the life of the loan, providing stability. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for a set period, after which the rate may adjust periodically based on market conditions, affecting your monthly payments.

The down payment varies by lender and loan type, but generally, it ranges from 3% to 20% of the home’s purchase price. Some government-backed loans, like FHA or VA loans, offer lower down payment options. A larger down payment can often lead to better terms and reduce the need for private mortgage insurance (PMI).

Your interest rate is influenced by your credit score, loan amount, down payment, loan type, and current market conditions. A higher credit score and a larger down payment typically lead to a lower interest rate.